Visa Enables On the Go Payments With the New Fitbit Ionic
August 28 2017 - 9:10AM
Business Wire
“How We Will Pay”* study shows consumers who
own wearables buy more, prefer cashless purchases and view devices
as eliminating buying friction
Visa (NYSE:V) today announced it is enabling Visa payments on
Fitbit’s first smartwatch – Fitbit Ionic™. Eligible cardholders of
participating banks will be able to make payments with Fitbit Pay™,
Fitbit’s new payment function, when available. With Fitbit Pay,
Visa and Fitbit are meeting demand amongst the majority of wearable
owners who, according to the recent “How We Will Pay” survey* by
PYMNTS and Visa, see the opportunity for wearables to improve the
way they pay throughout their day with a more secure and seamless
cashless payment experience.
The continuous rise in mobile connectivity has led to the
proliferation of digital payments, with Visa helping to offer more
ways to pay through devices such as phones, watches and now fitness
trackers with the new Fitbit Ionic – no physical wallet required.
To make Visa purchases using the Fitbit Ionic device, users simply
load an eligible Visa credit or debit card on the Fitbit companion
app and hold the smartwatch near an NFC-enabled terminal for a
simple and secure way to make purchases on the go.
“Visa continues to focus on delivering the tools and
technologies that empower our partners to offer safe, secure and
convenient payments to consumers via connected devices,” said Jim
McCarthy, executive vice president of innovation and strategic
partnerships at Visa Inc. “Partnering with Fitbit on its new Fitbit
Pay service is another step forward in the growth of Internet of
Things and shows how Visa is enabling companies across the
technology industry to help us all move towards a cashless
future.”
Fitbit Pay provides secure payments through the Visa Token
Service. Tokenization is a payment security technology that
replaces card account information, such as account numbers and
expiration dates, with a unique digital identifier (“token”) that
is used for payment without exposing a cardholder’s more sensitive
account information. Active accountholders can leave their wallet
at home and pay with a touch of their wrist.
“We are proud to partner with Visa and offer the ability to pay
on the go with Fitbit Pay on Fitbit Ionic, offering more
convenience for our users to help them reach their health and
fitness goals,” said Jon Oakes, VP of Product Management at Fitbit.
“Whether grabbing a smoothie post-run or paying for a coffee while
counting steps on a city tour, we are delighted to give users the
option to leave their wallet at home and simply pay with their
device. We are happy to be working with Visa to give our customers
what they want.”
“How We Will Pay” Wearables Survey
Data
The “How We Will Pay” study* finds the majority of consumers
want their wearables to allow them to make everyday purchases, in a
safe and seamless way. New wearables, like the Fitbit Ionic,
address some of the priorities and concerns identified by survey
respondents – including safety/security concerns, reducing friction
when making a purchase and providing a way to pay without carrying
a wallet.
- Consumers who own wearables buy
more: The study showed wearables owners buy more things than
the average consumer in all product categories, ranging from
apparel and food to personal care products and more.
- Wearable and non-wearable owners
prefer to go cashless: More than 60 percent of all respondents
– wearables owners and non-wearables owners – preferred cards and
digital payments over cash.
- Wearables improve personal
productivity: More than 85 percent reported that wearables help
save time and improve efficiency. The seamless payments made
possible by the Fitbit Ionic may reduce friction for the active
Fitbit consumers when they are making a payment.
- Security and theft are two major
concerns for wearable device owners: More than 70 percent of
wearable owning respondents reported that they worry about data
privacy and theft. Visa Token Service provides a safer and more
secure way to pay, addressing this concern for Fitbit Ionic
users.
For more information on Visa’s role in the Internet of Things
and the “How We Will Pay” survey results, please visit –
www.visa.com - and follow the
conversation at @VisaNews.
*The “How We Will Pay” survey was conducted among a panel of
approximately 2,600 adult users ages 18 and older within the
United States by PYMNTS on behalf of Visa from April- May
2017
About Visa
Visa Inc. (NYSE: V) is a global payments technology company that
connects consumers, businesses, financial institutions, and
governments in more than 200 countries and territories to fast,
secure and reliable electronic payments. We operate one of the
world’s most advanced processing networks — VisaNet — that is
capable of handling more than 65,000 transaction messages a second,
with fraud protection for consumers and assured payment for
merchants. Visa is not a bank and does not issue cards, extend
credit or set rates and fees for consumers. Visa’s innovations,
however, enable its financial institution customers to offer
consumers more choices: pay now with debit, pay ahead with prepaid
or pay later with credit products. For more information, visit
usa.visa.com/about-visa, visacorporate.tumblr.com and
@VisaNews.
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version on businesswire.com: http://www.businesswire.com/news/home/20170828005347/en/
Visa Inc.Katie Harris-Maines,
415-810-4930KathHarr@visa.com
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